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Nov 18, 2014
11/14
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, business taxes, local taxes, payroll taxes. i can list a whole bunch more by kiwassa to administer the tax on behalf of the federal government. you have to deal with sales taxes from the state and localities if you do that's a small businesses are the only ones to face the full brunt of everything our tax system has to offer. also like to point out that as much as our members hate paying taxes and think they pay too much in taxes the biggest burden of the tax system is they tell you it's actually the administration of the taxes. the complexity and the burden and the time weekend and we got to do with income taxes, government payroll taxes, estate taxes and the excise tax system that we have. when you think about it from the current system we have especially income tax but also the payroll tax that discourages entrepreneurs and entrepreneurship at virtually every level. most every entrepreneur cr system as punishing entrepreneurship. every stage of business life is a significant tax optical. at the start of level of savings or t
, business taxes, local taxes, payroll taxes. i can list a whole bunch more by kiwassa to administer the tax on behalf of the federal government. you have to deal with sales taxes from the state and localities if you do that's a small businesses are the only ones to face the full brunt of everything our tax system has to offer. also like to point out that as much as our members hate paying taxes and think they pay too much in taxes the biggest burden of the tax system is they tell you it's...
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Sep 14, 2011
09/11
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impact of the income tax, payroll tax, and state taxes. these high marginal tax rates reduce the incentive to work, require more skills, to start or expand a small business, to save and to invest. they induce individuals to seek their compensation in nontaxable forms and fringe benefits, and to spend money the ways that generate tax reductions. so limiting tax expenditures and using the resulting revenue to lower marginal tax rates would produce a double win. it would reduce wasteful behavior directly, and would strengthen incentives for increased economic growth. and, of course, that can be made a triple win by using some of the resulting revenue to reduce budget deficits. although limiting tax expenditures produces additional revenue, it is, as chairman indicated, really a way of cutting government spending, government entitlements. the effect shows up in the revenue side of the budget, but it is really a cut in spending. the accounting rules make it look like a tax increase, but the economic effect is the same as any other reduction in
impact of the income tax, payroll tax, and state taxes. these high marginal tax rates reduce the incentive to work, require more skills, to start or expand a small business, to save and to invest. they induce individuals to seek their compensation in nontaxable forms and fringe benefits, and to spend money the ways that generate tax reductions. so limiting tax expenditures and using the resulting revenue to lower marginal tax rates would produce a double win. it would reduce wasteful behavior...
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166
Jul 12, 2011
07/11
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tax havens and the tax abusive tax shelters. f if we get no savings from taxwed to reduce tax expenditures 17%.x if we're able to reduce tax havens and other loopholes, the offshore loopholes and abusive tax shelters by 80%, then we would be able to reduce tax expenditures by 9%. mr. president, martin feldstein said we ought to go after those tax expenditures.n it's also alan greenspan the former chairman of the federal . reserve. here's what he said. republicans sought to identify a very significant amount of so-called tax expenditures whicd in fact our misclassify. are they are expenditures, they are outlays and many are subsidies,g and subsidies are not the type e of thing you want for an efficient market system. there are a lot of them. mr. president, w that's what we are proposing. let's go after these subsidies,e these preferences and exclusions, and while we are at it, let's go after thesee we're, offshore tax havens, abusive tax shelters and shut them down. and if there is any doubt about where this money is going, heret
tax havens and the tax abusive tax shelters. f if we get no savings from taxwed to reduce tax expenditures 17%.x if we're able to reduce tax havens and other loopholes, the offshore loopholes and abusive tax shelters by 80%, then we would be able to reduce tax expenditures by 9%. mr. president, martin feldstein said we ought to go after those tax expenditures.n it's also alan greenspan the former chairman of the federal . reserve. here's what he said. republicans sought to identify a very...
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Nov 30, 2017
11/17
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taxes due to the premium tax credits under the under obamacare. talking about the selling as well however i would like to have someone explain how a voluntary decision to forgo a tax subsidy amounts to a tax hike. but so far i have not heard a serious attempt at such explanation. in fact, with the reasonf markup of j.c. peas said a at the table to tell my colleagues dime in additional taxes as a result, none of my colleagues came to this conclusion. instead they opted to read nor even after shown the table shows that if the behavioral effects of the mandate repealed and t remove remove, every income group will see taxes go down under this bill. the hope our colleagues and those watching will evaluate madam president, under the circumstances members of both parties that are removed from consideration. we have significant support from our businessit community with companies from almost every sector publicly in support of the reforms of this bill. i know some of my republican colleagues had concerns i'm committed to work with them to see if improveme
taxes due to the premium tax credits under the under obamacare. talking about the selling as well however i would like to have someone explain how a voluntary decision to forgo a tax subsidy amounts to a tax hike. but so far i have not heard a serious attempt at such explanation. in fact, with the reasonf markup of j.c. peas said a at the table to tell my colleagues dime in additional taxes as a result, none of my colleagues came to this conclusion. instead they opted to read nor even after...
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Aug 2, 2011
08/11
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to reform the corporate tax and international tax roles by, for example, adopting a territorial tax system. finally, no discussion of corporate tax reform can conclude without consideration of the corporate tax rates. our corporate tax system has a top rate of 35%. when coupled with a state corporate tax, the tax is 39%. as a result, the u.s. has one of the highest corporate tax rates in the world. our tax system is in the need of reform and the high corporate tax rate needs to be a major part of this discussion. now, i'm very interested to hear what our witnesses have to say today with regard to the corporate tax system and how it affects hiring businesses and economic growth. again, chairman baucus, thank you very much for scheduling this important hearing, and i'm certain one of those -- >> thank you, senator, very much. i want to introduce the witnesses. first a mr. michael duke, presidency of the walmart, the largest retail employer of about 2.1 million people. second is mr. thomas falk, chairman and ceo of kimberly clark, maker of paper products. next is gregory lang, the present ceo
to reform the corporate tax and international tax roles by, for example, adopting a territorial tax system. finally, no discussion of corporate tax reform can conclude without consideration of the corporate tax rates. our corporate tax system has a top rate of 35%. when coupled with a state corporate tax, the tax is 39%. as a result, the u.s. has one of the highest corporate tax rates in the world. our tax system is in the need of reform and the high corporate tax rate needs to be a major part...
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Jul 19, 2017
07/17
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chairman. >> you've been in the tax business for many years, tax policy to tax consulting and compliance. you've worked with congress and the administration's, tax practitioners, academics and other taxpayers. what is it you would like to achieve under this tax policy at the treasury department and how in your years of experience and interaction with all facets of the tax committee prepared you to do so? >> mr. chairman, one of the things i've learned over the years that sent the taxes to impact decision-making on businesses and individuals having an internal revenue code that is fair and simple should be a high priority and having a globally competitive tax is important for american businesses. if confirmed, i would focus on increasing economic growth through the tax code, creating good paying jobs, middle-income tax cuts and simplicity. what are some of the important things congress can do to help americans save their hard earned time and of course their hard earned money as well by con playing with this overly complex tax code >> i think a broad-based witch means eliminating certain t
chairman. >> you've been in the tax business for many years, tax policy to tax consulting and compliance. you've worked with congress and the administration's, tax practitioners, academics and other taxpayers. what is it you would like to achieve under this tax policy at the treasury department and how in your years of experience and interaction with all facets of the tax committee prepared you to do so? >> mr. chairman, one of the things i've learned over the years that sent the...
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Nov 9, 2017
11/17
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tax cuts, tax implications and tax reform. i yield for. >> senator from south carolina. >> today is a good day. we have both the house and the senate working on tax form that will have a positive impact for your everyday, hard-working americans. this is truly a good day. so often when you hear us talk about tax form it sounds like a lot of numbers and i'm not sure how excited or enamored people get numbers but i'm the kind of guy that believes that tax reform is not about numbers. tax reform is about every day americans being able to keep more of their hard earned money. tax reform is about families like the one i greww up in. single-parent household working paycheck to paycheck, year in and year out, praying and hoping for something good to happen. today is good news for those single moms and single dads out there. ... sure they have a little left over for dinner out. we want to say to those folks who haven't really had a raise in a decade, we hear you. we feel your pain. we want to deliver to our american family the opportun
tax cuts, tax implications and tax reform. i yield for. >> senator from south carolina. >> today is a good day. we have both the house and the senate working on tax form that will have a positive impact for your everyday, hard-working americans. this is truly a good day. so often when you hear us talk about tax form it sounds like a lot of numbers and i'm not sure how excited or enamored people get numbers but i'm the kind of guy that believes that tax reform is not about numbers....
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May 6, 2017
05/17
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they are raising sales taxes and progressive taxes. if americans see tax paid as a civic responsibility why is taxation such a controversy in this country. in short i think the answer is been crowned is not the same as being happy. only 7% of people say the amount that they personally pay. they're not bothered very much by any taxes. only 7% of people think that's the big problem. either the wealthy or corporations not paying their share as their number one concern about taxes in this country. another 4% of people say their worst concerned that poor people are paying their share. if we see tax pain is as a civic duty that we all share is something that is so important to who we are and being a contributor person of course were angry when we think some is not doing their part. it is not easy to know how much other people are paying in taxes for instance it's pretty common that they have missed perception about the tax code. this was a statistic that suggested that it's exactly right. about 47 percent of households either got back more m
they are raising sales taxes and progressive taxes. if americans see tax paid as a civic responsibility why is taxation such a controversy in this country. in short i think the answer is been crowned is not the same as being happy. only 7% of people say the amount that they personally pay. they're not bothered very much by any taxes. only 7% of people think that's the big problem. either the wealthy or corporations not paying their share as their number one concern about taxes in this country....
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Oct 16, 2020
10/20
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this reverses tax losses considerably as the tax law normally requires. in 2009, donald trump claimed another big loss. $700 million, which he carried back to the race income previously reported in 2005-2006 holly in 2007. we can't tell without more information whether the $700 million loss was appropriate or shouldn't be reduced also. the third question. was the audit fair? is the audit fair? the irs continues to audit the president's 2009 returns, including $700 million losses claimed on those returns. the irs is also auditing subsequent returns, again, we can't tell without more information whether the irs is conducting these audits fairly and impartially, lasted a long time. the irs audited the financial arrangements. and to the nature that donald trump did this, and entangling the sorts of the audit delay enforcement, only one president and he directs the entire executive branch including the irs. i encourage the subcommittee, the full ways and means committee, to continue to exercise its oversight responsibility over the executive. i am happy to tak
this reverses tax losses considerably as the tax law normally requires. in 2009, donald trump claimed another big loss. $700 million, which he carried back to the race income previously reported in 2005-2006 holly in 2007. we can't tell without more information whether the $700 million loss was appropriate or shouldn't be reduced also. the third question. was the audit fair? is the audit fair? the irs continues to audit the president's 2009 returns, including $700 million losses claimed on...
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Oct 24, 2017
10/17
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>> in new york city. >> i'll tell you, it stuns me how high property taxes and sales taxes, income taxes are in high tax states. i'm amazed i don't know of families get by, and i'm always suspect of the same local politicians who've been assessing these high tax are suddenly concerned about taxpayers. my belief is that for those families, when we lower the tax rates, we would increase the child tax credit, , when we set those brackets, altogether we can lower their overall burden. without having that specific deduction in their. we are listening, carl, right now to lawmakers from both states on how best to do that. so i'm hopeful, no, i'm confident over the next ten days we will find some good solution solutions. >> so when republicans talk about tax reform, kiting corporate rate seems to be one of the most animating issues. you know the arguments, you've heard them, you made them, trillions of dollars are part of broad because ceos don't want to pay, the company still want to pay the 35% tax rate. donald trump always reminds us that american corporations are the highest taxed in the wor
>> in new york city. >> i'll tell you, it stuns me how high property taxes and sales taxes, income taxes are in high tax states. i'm amazed i don't know of families get by, and i'm always suspect of the same local politicians who've been assessing these high tax are suddenly concerned about taxpayers. my belief is that for those families, when we lower the tax rates, we would increase the child tax credit, , when we set those brackets, altogether we can lower their overall burden....
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0.0
Jul 7, 2022
07/22
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spit sometimes politicians will call for a payroll tax cut or a payroll tax holiday to the fica taxes will not go in the system. in the complaint on the back and social security is underfunded. so you will hear a phrase called scrap the cap. essentially means get rid of the social security tax. the have no issue. >> would like to end on a really simple question but probably really hard one. you could pick one thing. one item to change one thing to focus on magically wave a wand and change this thing in the tax code right now, tomorrow, would that one thing be? the biggest priority thing that would matter the most most to you. and curious what you think about that? >> you might answer differently. i would say tax all money, any money you should get in should be tax the same rate. regardless of its her wages, salaries, investment income, investment, inheritance or guestroom god almighty or whatever. >> more strip mine. [laughter] the other when i will say is, no, no, no. that's what it is. it's their money versus your sweat is and norma's a problem in you and making things worse. i woul
spit sometimes politicians will call for a payroll tax cut or a payroll tax holiday to the fica taxes will not go in the system. in the complaint on the back and social security is underfunded. so you will hear a phrase called scrap the cap. essentially means get rid of the social security tax. the have no issue. >> would like to end on a really simple question but probably really hard one. you could pick one thing. one item to change one thing to focus on magically wave a wand and change...
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Sep 14, 2017
09/17
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does everyone here know what the estate taxes? it's a tax-cut that's been reformed. it changed several years ago. it is now a tax-cut for the 5000 richest families in america, approximately point to percent of all the estate owners in the country. the estate tax only kicks in when couples with the states with nearly $11 million, they transfer their wealth to their family. for those who have less than a million $11 million, they cabi this is a tax cut that would benefit people like the president and members of his cabinet, several of whom have network i worth in the millions and billions. that pointed out that the estate tax would give a potentially 53 billion-dollar tax break to the walton family, hardly family farmers, and to boot, the estate tax would cost $269 billion over ten years. it would be going to a very small number of very wealthy people, and not anybody else.eficit not exactly the deficit reducing kind of policy the republicans have been talking about. and yet the house ways and means committee said yesterday that we democrats shouldn't jump the gun and
does everyone here know what the estate taxes? it's a tax-cut that's been reformed. it changed several years ago. it is now a tax-cut for the 5000 richest families in america, approximately point to percent of all the estate owners in the country. the estate tax only kicks in when couples with the states with nearly $11 million, they transfer their wealth to their family. for those who have less than a million $11 million, they cabi this is a tax cut that would benefit people like the president...
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May 16, 2017
05/17
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not just corporate income tax that all business tax. no business ever paid a tax. they collect tax picnic lacked on so what else and you want to know who pays the tax? we don't know. we estimate in aggregate ashes of the corporate income tax between capital and labor. that doesn't mean you know that you paid it. everybody in the shrim champagne business tax but your dog you how much. if you've ever save a dollar and put it in a 401(k) bought a stock, you paid corporate income tax. can you tell how much? you never will. in essence the corporate income tax, the reason it is so perfect for the nature of the government we have, we will all adults corporate income tax collects a fair amount of money with relatively modest expense into exhibit a lot of expense engines of economic effects. why do we like taxing businesses so much? because nobody knows who paid the tax. that's why one philosophical note for the day. >> other questions? i would build on that a little bit, transparency is very much in the between principle, norm. i think you're right about spin but i think t
not just corporate income tax that all business tax. no business ever paid a tax. they collect tax picnic lacked on so what else and you want to know who pays the tax? we don't know. we estimate in aggregate ashes of the corporate income tax between capital and labor. that doesn't mean you know that you paid it. everybody in the shrim champagne business tax but your dog you how much. if you've ever save a dollar and put it in a 401(k) bought a stock, you paid corporate income tax. can you tell...
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Apr 4, 2014
04/14
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eye 30
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temporary tax policy is bad economic policy and is bad tax policy and if it's a tax provision worthy we have to make it permanent and if it's not we have to get rid of it and understand their sticker shock associated with make incorporated these permanent because there could be $750 billion over 10 years but that's the same thing as $75,000,000,000.1 year at a time for the next 10 years which is what we are doing is the chairman indicated. i too think there are economic costs of the way we are doing this. businesses that i talked to are making their decisions over a 10 or 20 or timeframe and if we tell them gosh our credit is going to be available but may be gone next year they are not going to utilize it. small businesses don't know whether they are going to have a cap of 250 bucks. if they can't depend on these provisions they are not point quite to make as many decisions to create jobs as they should which is the intent of these proposals. it really negates the purpose of what we are doing. i do think this is an opportunity for us to move forward with policies necessary to stay in
temporary tax policy is bad economic policy and is bad tax policy and if it's a tax provision worthy we have to make it permanent and if it's not we have to get rid of it and understand their sticker shock associated with make incorporated these permanent because there could be $750 billion over 10 years but that's the same thing as $75,000,000,000.1 year at a time for the next 10 years which is what we are doing is the chairman indicated. i too think there are economic costs of the way we are...
73
73
Feb 6, 2013
02/13
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two model income tax -- model tax and income tax and consumption tax. the author of that study was the deputy assistant secretary was basically pushing the consumption tax idea, and this book blueprints for basic tax reform was a very influential book, and a proposal. by the way to make casey think all the economists favor that to make a big influence on that was a harvard professor wedding -- also an advocate of the consumption tax. this resurfaced later in a proposal by senators nunn and beachy in the 1990's the usa tax , a second idea that was very popular with the so-called flat tax that was a book by professors hall at stanford originally published in 1982, a was not an original idea with them. it came from milton friedman book capitalism and freedom where he has a chapter of the ideal income-tax. the ideal income tax he describes is actually the flat tax which is actually consumption tax. the city was picked up by house majority leader dick armey and by presidential candidate steve forbes in the 1990's, again, like all these other plans to make di
two model income tax -- model tax and income tax and consumption tax. the author of that study was the deputy assistant secretary was basically pushing the consumption tax idea, and this book blueprints for basic tax reform was a very influential book, and a proposal. by the way to make casey think all the economists favor that to make a big influence on that was a harvard professor wedding -- also an advocate of the consumption tax. this resurfaced later in a proposal by senators nunn and...
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Nov 28, 2017
11/17
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tax. they take it out of their check every month. trust me, it's a tax. it's less money after the tax. so the tax credit while we increased to $2,000 is great for a lot of people, it doesn't nothing for them. the total effect is only about $115 for the family. that's how much they'll be saving on their taxes from the current year, $115. here's where it gets worse. the senate bill which i am largely supportive of but i want to tell you the numbers are so we can see where the changes need to be, the senate bill would actually increase taxes in march when they have a child. you say how can that be? well, as for some families in their income range, the nonrefundable increase to the child credit is less valuable than the current law's personal exemption. so we take away the personal exemption and put in the additional child credit but it's not refundable. they can't get to the tax credit because they're not paying income tax. the result is if they made $26,000 instead 6 $25,000, the senate bill
tax. they take it out of their check every month. trust me, it's a tax. it's less money after the tax. so the tax credit while we increased to $2,000 is great for a lot of people, it doesn't nothing for them. the total effect is only about $115 for the family. that's how much they'll be saving on their taxes from the current year, $115. here's where it gets worse. the senate bill which i am largely supportive of but i want to tell you the numbers are so we can see where the changes need to be,...
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Dec 5, 2017
12/17
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every tax bracket sees a reduction in their a tax rate. the standard deduction more families is double. so if you're a married couple filing a joint return, the first $24,000 you've earned, there is a zero tax, zero. then we double the child tax credit. i think that's something we should do, because we immediate to help those families -- we need to help those families that have children make sure their family prospers and the child tax credit is one way we can do that. the obamacare mandate to buy government-approved insurance, which is just aan tax on low and middle income americans, is repealed. and i think that's just another form of tax relief. 6.7 million americans had to to pay a penalty to their own government because they couldn't afford to buy the government-mandated insurance because of the way that program was t structured. well, we eliminate that entirely. so hopefully those families can then o use their own resources o buy insurance policies that meet their needs rather than that that the government mandates. we also son the -
every tax bracket sees a reduction in their a tax rate. the standard deduction more families is double. so if you're a married couple filing a joint return, the first $24,000 you've earned, there is a zero tax, zero. then we double the child tax credit. i think that's something we should do, because we immediate to help those families -- we need to help those families that have children make sure their family prospers and the child tax credit is one way we can do that. the obamacare mandate to...
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152
Jul 25, 2012
07/12
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tax. do you think that system is fair to consumers? >> which system? the one in this bill? >> the status quo right now that many people aren't paying the use tax. >> i think consumers can go out there and specifically try to avoid paying the sales tax based on the government inequity that found the books and i think it disadvantages local businesses who are required to pay -- to collect a sales tax or not those who are remote. >> would it also disadvantage consumers that perhaps are technologically sophisticated or don't even have a computer or access to internet in their home? >> it creates a memorable playing field. >> thank you. you also spoke in your testimony to a point that technology currently exists to collect sales tax. is that correct? >> yes. >> eight companies currently have the tech ologies to collect vat tax. to have a sense of what it costs to have that technology in order to do that? >> it depends on the company and how you handle it. i've met with a number of small busines
tax. do you think that system is fair to consumers? >> which system? the one in this bill? >> the status quo right now that many people aren't paying the use tax. >> i think consumers can go out there and specifically try to avoid paying the sales tax based on the government inequity that found the books and i think it disadvantages local businesses who are required to pay -- to collect a sales tax or not those who are remote. >> would it also disadvantage consumers that...
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129
Apr 17, 2012
04/12
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the top 1% in taxes pay only 28.3% of the taxes, when all taxes are taken into consideration. the top 5% control 60% of the nation's wealth. but the top 5% in taxes only pay 44.7%. so if you want to take numbers sort of without context, you can make it look as if it's very progressive. but when you measure against the wealth and inequality in this country and income inekwult in this country -- equality in this country it is hard to say we're running a progressive tax system. that is why as reuters reported, about 65% of taxpayers who earn more than $1 million face a lower tax rate than the median tax rate for moderate income earners making $100,000 or, less ÷ year. according to the congressional research service. mr. harkin: i yield the floor. mr. thune: mr. president. the presiding officer: the senator from north dakota. mr. thune: mr. president, very soon, the senate is going to be voting on whether or not to invoke cloture on the motion to proceed to the paying a fair share act of 2012 which would enact the so-called buffett rule. now, it's ironic that we would be debating
the top 1% in taxes pay only 28.3% of the taxes, when all taxes are taken into consideration. the top 5% control 60% of the nation's wealth. but the top 5% in taxes only pay 44.7%. so if you want to take numbers sort of without context, you can make it look as if it's very progressive. but when you measure against the wealth and inequality in this country and income inekwult in this country -- equality in this country it is hard to say we're running a progressive tax system. that is why as...
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28
May 25, 2017
05/17
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tax reform? >> we look forward to working with you and your ideas on that. >> thank you mr. chairman. i noticed part of the plan to go forward whether it is public-private partnerships whether it comes to addressing infrastructure, mr. blumenauer and myself would actually do that along with senator heller in the senate so we have a bicameral agreement. can we try to address the problems that we have we can do the activity bonds and so many things that bring them into this and they see their investment taking place right away. >> we are very supportive of the partnerships and look forward to working with you and your ideas on that i think as the president has said infrastructure investment is of a critical importance and this country so we are looking at all different types of partnerships and incentive mechanisms. >> thank you mr. chairman and welcome mr. secretary. i believe the budget reflects the statement of the valley that our country has and i'm frightened by the values reflected in this bu
tax reform? >> we look forward to working with you and your ideas on that. >> thank you mr. chairman. i noticed part of the plan to go forward whether it is public-private partnerships whether it comes to addressing infrastructure, mr. blumenauer and myself would actually do that along with senator heller in the senate so we have a bicameral agreement. can we try to address the problems that we have we can do the activity bonds and so many things that bring them into this and they...
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Dec 5, 2012
12/12
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tax liability. , in computing my federal income tax liability. it's not that, in computing my federal income tax liability. it's not that, in computing my federal income tax liability. it's not that >> host: here is diane and linda burrough, new hampshire. democratic caller, go ahead. >> caller: good morning. i'm fascinated to hear about the alternative minimum tax. it kills me every year. i am a small-business owner and the income fluctuates year-to-year. i could make maybe $80,000.1 year, $60,000 for next year. the next or i may make 45. every year i cannot possibly determine what the amt is going to be. a second mls return here. i made $60,000 i had amt $1700, a piggyback. could you please talk about this because i don't consider making $80,000 as a single person in pain or 10% of my social security and all other costs to be a lot of money. >> host: i don't disagree with you at all. the amt is not what you would have deliberately designed as a way to compute your federal income tax. it is the com
tax liability. , in computing my federal income tax liability. it's not that, in computing my federal income tax liability. it's not that, in computing my federal income tax liability. it's not that >> host: here is diane and linda burrough, new hampshire. democratic caller, go ahead. >> caller: good morning. i'm fascinated to hear about the alternative minimum tax. it kills me every year. i am a small-business owner and the income fluctuates year-to-year. i could make maybe...
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29
Mar 4, 2017
03/17
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eye 29
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tax of chains, status quo is untenable for the foreseeable future, we need to have tax reform, in an unusual situation in 2017. one thing to think about is to get that done. we have relatively limited data on tax reform, looking at empirical evidence and what it takes to get it done, we don't do this very often. if you think back to 1986 reform, it really began in the mid-1970s with people like bill bradley and dick gephardt on the left and art laugher on the right arguing the us corporation income taxes, damaging the economy and the very prospect of average americans and the person on main street would benefit enormously from changing the way we did business and improving tax systems. and to sell that reached fruition with president reagan running for reelection promising to do tax reform with the political commitments, he won 49 states, and trumpian standards. the mandate to get this done. the actual process began with treasury putting out a volume, must have been named by the cbo folks, it was a hate crime as income tax, got modified quickly by the white house, became treasury too
tax of chains, status quo is untenable for the foreseeable future, we need to have tax reform, in an unusual situation in 2017. one thing to think about is to get that done. we have relatively limited data on tax reform, looking at empirical evidence and what it takes to get it done, we don't do this very often. if you think back to 1986 reform, it really began in the mid-1970s with people like bill bradley and dick gephardt on the left and art laugher on the right arguing the us corporation...
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Mar 21, 2013
03/13
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this is a tax that taxes innovation, increases health care costs and also is a tax that kills good-paying american jobs. finally, we want the new medical devices to be developed here in this country. we don't want them to be developed in europe because of an onerous tax. what we're going to see is that americans are going to have less access to the very new and best products because it's going to become too costly in this country for new companies to develop those products and for start-ups. and at the end of the day it will be sad for americans. so i would urge my colleagues to support senator hatch's amendment and again thank him for his leadership. thank you, mr. president. the presiding officer: who yields time? mr. sessions: mr. president? the presiding officer: the senator from alabama. mr. sessions: mr. president, i think we had a confusion on the time here. i had reserved ten minutes. i had 17 under the motion. and i think there's been a confusion about it. what is the status of the time? i would ask that i be allowed to have ten minutes. the presiding officer: the time until 8:10
this is a tax that taxes innovation, increases health care costs and also is a tax that kills good-paying american jobs. finally, we want the new medical devices to be developed here in this country. we don't want them to be developed in europe because of an onerous tax. what we're going to see is that americans are going to have less access to the very new and best products because it's going to become too costly in this country for new companies to develop those products and for start-ups....
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31
Jun 6, 2019
06/19
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the corporate income tax, sales tax, property tax paid by people. consequences that make companies say, we do not want to be in the united states, we want to be in belton, so they are losing jobs. it is worse for workers and consumers in a company that is able to stay and pay a little bit of tax. high, youat tax too lose businesses, jobs, innovation, and economic growth. that is a hidden tax on our future. the president has been trying to talk with mexicans, they have in the past police their their own -- policed border rather roughly, and if they did that on the southern border, it would solve some of the problems of people coming into the united states without authorization. this is one last effort to try and talk to the mexicans and get that fixed. mexicos helped is that is doing better economically than in the past, partially because of nafta, and that is when people are willing to stay home and live in mexico because there are jobs there. i wish them in the -- i wish them well and having a stronger economy as well. democratmaryland, line. good
the corporate income tax, sales tax, property tax paid by people. consequences that make companies say, we do not want to be in the united states, we want to be in belton, so they are losing jobs. it is worse for workers and consumers in a company that is able to stay and pay a little bit of tax. high, youat tax too lose businesses, jobs, innovation, and economic growth. that is a hidden tax on our future. the president has been trying to talk with mexicans, they have in the past police their...
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0.0
Apr 17, 2023
04/23
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it was taxes. certainly when we think of the conditions in the united states, politically, economically, 1929, 1930, the very dawn of the great depression, we should recognize that only for 13 years of american history, for 17 years i'm sorry, in american history, at that point had the nation had an income tax, never had an income tax for any duration at all prior to 1913. so as new income tax in the united had always relied on the tariff to carry its revenue load, along with excise taxes like on alcohol. but then when they passed the biggest tariff in american history in 1930, the smoot-hawley, you had both the biggest tariff in american history, plus an income tax that at the top was taking 25% of income. this was a completely unprecedented governmental fiscal imprint, tax imprint on the american. so just naturally should expect that a great depression would have occurred then if you're a visitor from mars. just looking at, you know, what changed in terms of american taxation from 1789 to 1930, y
it was taxes. certainly when we think of the conditions in the united states, politically, economically, 1929, 1930, the very dawn of the great depression, we should recognize that only for 13 years of american history, for 17 years i'm sorry, in american history, at that point had the nation had an income tax, never had an income tax for any duration at all prior to 1913. so as new income tax in the united had always relied on the tariff to carry its revenue load, along with excise taxes like...
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Aug 23, 2017
08/17
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tax reform lasting tax reform history is not on the side to go alone. it is on the backs of the middle-class to the tune of 1.$3 million for a wealthy household the people i represent in southern california would receive roughly $0.70 per day i am sorry that that will not have -- help those families plan for retirement or take a vacation. salad makes one-third of the workforce as others across the country many have not even entered the child-care to become some of those largest burdens and challenges that they face one of those principles was the need to support working families and children also poverty. and address those and a meaningful way?. >> most effective anti-poverty program is the child tax credit refundable portion 20 million received credits knees are working families raising children so finding ways to with a population of hard-working raising families to have saved for retirement to live the american dream and the tax code can do that if we can find ways to do that with these elements they care is key there is the number of different ways.
tax reform lasting tax reform history is not on the side to go alone. it is on the backs of the middle-class to the tune of 1.$3 million for a wealthy household the people i represent in southern california would receive roughly $0.70 per day i am sorry that that will not have -- help those families plan for retirement or take a vacation. salad makes one-third of the workforce as others across the country many have not even entered the child-care to become some of those largest burdens and...
4
4.0
May 12, 2021
05/21
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tax? >> thank you, senator wyden. i am uncertain whether or not we have made any criminal referrals to the department of justice. i will look into that and get back to you. but what i can say is officers are hard at work out in the field ensuring that high income non-filers, that we're aware of, are being brought into compliance and we're using all tools available to bring them into compliance. currently in this environment where it's very difficult to go out in the field but our revenue officers continue to perform that work. >> respectfully, mr. o'donnell, i don't understand how one can assert that all tools are being used when we're talking about high income filers, multiple years of unfiled returns, , an estimate of $7.1 billion in taxes in just two years, and you're not aware of whether there were any criminal referrals to the tax division of the department of justice. department of justice. what i would like you to do is to furnish to chairman white house and myself the chairman of t
tax? >> thank you, senator wyden. i am uncertain whether or not we have made any criminal referrals to the department of justice. i will look into that and get back to you. but what i can say is officers are hard at work out in the field ensuring that high income non-filers, that we're aware of, are being brought into compliance and we're using all tools available to bring them into compliance. currently in this environment where it's very difficult to go out in the field but our revenue...
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Nov 15, 2017
11/17
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so under the new tax plan, the tax cuts for corporations, those big tax cuts reducing the rate from 35% to 20%, they go on forever. they go on for the first ten years. they go on for the next ten years. they go on forever. but for everybody else, for those other americans that get some tax cut under this bill, all those tax cuts go away after ten years. they get sunset. so if you're one of the folks in the middle who republicans say, hey, this bill's for you, and you will get some benefit, it's going away. but the corporate tax cut is there forever. i want to be clear, there are lots of folks in the middle, millions and millions, who aren't even going to see any initial tax benefit. in fact, they're going to be paying more in taxes. we also saw as part of this bill yesterday an effort to repeal important provisions to the affordable care act. changes that will result in 13 million americans losing access to affordable health care and premiums being jacked up by 10% on the individual market. so let's do the math here. 13 million americans lose access to affordable care act. premiums go u
so under the new tax plan, the tax cuts for corporations, those big tax cuts reducing the rate from 35% to 20%, they go on forever. they go on for the first ten years. they go on for the next ten years. they go on forever. but for everybody else, for those other americans that get some tax cut under this bill, all those tax cuts go away after ten years. they get sunset. so if you're one of the folks in the middle who republicans say, hey, this bill's for you, and you will get some benefit, it's...
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May 26, 2017
05/17
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new tax loophole in my reason for asking the question especially because you cannot enforce the tax laws on the books now but the current budget proposal asks for even deeper cuts how do expect to the american people to believe you can prevent the fuel from exploiting this new loophole when you cannot even stop the current tax cheats?. >> senator that is a very good question and first let me assure you i have said repeatedly the other day at we are absolutely committed to make sure that the pass-through small and medium-sized businesses have the benefit of the business right. it isn't just something for a corporation they are the engine of growth in this economy and we will make sure they're rich people cannot use this as a loophole where they should be paying 35 percent taxes on wages but they pay 15 percent instead. i assure you that will be in the code with very clear ways to enforce that. >> respectfully and don't think that cuts it. i don't think you believe you can absolutely make it happen and you are absolutely sure it will go for the little guy of small business. but the ta
new tax loophole in my reason for asking the question especially because you cannot enforce the tax laws on the books now but the current budget proposal asks for even deeper cuts how do expect to the american people to believe you can prevent the fuel from exploiting this new loophole when you cannot even stop the current tax cheats?. >> senator that is a very good question and first let me assure you i have said repeatedly the other day at we are absolutely committed to make sure that...
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24
Oct 23, 2019
10/19
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the state and local taxes that a tax filer can deduct. the limit is $10 million. that's the limit. if you pay more than that in state and local taxes, you do not get to deduct it. in response to that, mr. president, it's very interesting. several of these high-tax states have designed a scam to get around the limitation that we imposed. the scam is they create this vehicle and then they have their taxpayers pay their taxes into that vehicle and call it a charity -- call it a charitable contribution. the money then goes out of that vehicle and goes to the government. it's not a charity. it's an obvious attempt to circumvent the law that we passed in 2017. so the i.r.s. came along and said this is an obvious scam and they developed a rule that shuts down the scam. it says if you create this scam, make believe charity as a way to circumvent the cap on state and local deductions, we're going to disallow the deduction. so the i.r.s. ruling shuts down the scam, maintains the deduction cap, whan my democratic colleagues want to do right now is h
the state and local taxes that a tax filer can deduct. the limit is $10 million. that's the limit. if you pay more than that in state and local taxes, you do not get to deduct it. in response to that, mr. president, it's very interesting. several of these high-tax states have designed a scam to get around the limitation that we imposed. the scam is they create this vehicle and then they have their taxpayers pay their taxes into that vehicle and call it a charity -- call it a charitable...
40
40
Apr 12, 2015
04/15
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now, that could be a fair tax retail says tax, flat rate income tax flat rate income tax of zero and raise taxes other places which i where we were for more than half of our country's existence. so the idea we can't go there strikes me as ridiculous. maybe a lot of work. me a you don't go there. maybe you could live with an income texas if it wasn't run by lois lerner and was five percent instead of 50%. and a lot of things could be moved to the state level, not the national level. so there are lots of things we need to do to move in the right direction. you can sell assets. we own trillions of dollars worth of stuff under the ground, under the water -- >> host: it's weird that doesn't enjoy more bipartisan support. even the economists magazine which is not the voice of the extreme right had a cover page and a loadedder toal about this. a lot of western countries sell off their assets and get rid of basically all their debt or lower taxes dramatically. why do you think no one wants -- there's not broader support for that. >> well, step one -- one of the project is run at americans fo
now, that could be a fair tax retail says tax, flat rate income tax flat rate income tax of zero and raise taxes other places which i where we were for more than half of our country's existence. so the idea we can't go there strikes me as ridiculous. maybe a lot of work. me a you don't go there. maybe you could live with an income texas if it wasn't run by lois lerner and was five percent instead of 50%. and a lot of things could be moved to the state level, not the national level. so there are...
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Apr 2, 2014
04/14
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economy and jobs of course topped every list but tax reform or closing tax loopholes or taxes in general didn't rank in the top five in a single one of these polls. one of the many reasons for people's disinterest in texas when a 1986 and perhaps that this interest today is when people hear reform, they think it means their taxes are going to go up. even those people in the lowest income group in 1986 who were probably removed from the tax rolls thought their taxes would go up under the reform. politicians promises on tax reform simply are not credible. in many ways the public opinion climate is different from what it was in 1986 but some things the belief that no matter what happens my taxes are going to go up are remarkably similar. let me make two final points about tax attitude. some unusual trends we are seeing in the polls. in 1986 most people said their federal income taxes were too high, but we have seen something quite interesting since 1986 and the gallup trend that takes -- dates back to 1946. in june 1985 63% told gallup that the taxes were too high and the third about right.
economy and jobs of course topped every list but tax reform or closing tax loopholes or taxes in general didn't rank in the top five in a single one of these polls. one of the many reasons for people's disinterest in texas when a 1986 and perhaps that this interest today is when people hear reform, they think it means their taxes are going to go up. even those people in the lowest income group in 1986 who were probably removed from the tax rolls thought their taxes would go up under the reform....
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53
Sep 14, 2018
09/18
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business tax cuts from the tax cuts and jobs ax. this is only fair. it will give american families, workers in mainstream small businesses certainty and fueled economic growth we've witnessed over the past year. the team is middle-class and mall cuts will create increased the economy over 2% on top of what we are already seeing an increase paychecks again on top of what were already enjoying. that's on top of the 1.7 million new jobs we party scene created. the second part of tax law to plano, the savings act of 2018 led by congressman mike kelly would help families save more and save earlier throughout their lives by expanding access to new and existing savings vehicles. this will help families and individuals save for their future where their retirement, education or health care. so to make sure as they see their paychecks increase in the economy improve that they are keeping more of their hard-earned money and planning for the future. in addition, promoting the family savings act will help local businesses provide retirement plan
business tax cuts from the tax cuts and jobs ax. this is only fair. it will give american families, workers in mainstream small businesses certainty and fueled economic growth we've witnessed over the past year. the team is middle-class and mall cuts will create increased the economy over 2% on top of what we are already seeing an increase paychecks again on top of what were already enjoying. that's on top of the 1.7 million new jobs we party scene created. the second part of tax law to plano,...
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27
Dec 2, 2016
12/16
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the tax reform with lower individual tax rate. one thing we shouldn't do we shouldn't raise tax rates. it's one of the highest in the industrialized world and increases the lower tax countries taking the jobs, and tax dollars with them. while it's not going to solve all the problems one of the biggest we have is lowering the tax rate on the corporate side and individual. there are so many incentives we have right now for the businesses and jobs overseas. it's important the income be taxed once and only once and there is concern that they pay a lower tax rate than those with ordinary income but this fails to reflect the tax o at the corporate level and individual level. we will get into that specifically. luckily policymakers find the principles and goals as the key to a successful revenue system. the successful revenue system should include the following it should be simple. i know it's hard to understand that with a complex code it makes it difficult and costly to comply with and scam. they should make it as simple and transparen
the tax reform with lower individual tax rate. one thing we shouldn't do we shouldn't raise tax rates. it's one of the highest in the industrialized world and increases the lower tax countries taking the jobs, and tax dollars with them. while it's not going to solve all the problems one of the biggest we have is lowering the tax rate on the corporate side and individual. there are so many incentives we have right now for the businesses and jobs overseas. it's important the income be taxed once...
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86
Jul 24, 2012
07/12
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tax. the reid plan would impose a huge new death tax on family farms and businesses next year. under current law, businesses and farms are exempted from the death tax on the first $5 million of the value of an estate. values above this amount are taxed a top rate of 35%. well, i believe we ought to completely eliminate the death tax and i've introduced legislation with 37 of my colleagues to do so. but the current death tax treatment exempts the large majority of family farms and businesses from the tax. the reid plan, however, would allow the death tax to revert to the provisions in effect before 2001. this means that under the reid plan, family farms and businesses will face a top death tax rate of 55% on estates above $1 million in value. this is a massive death tax increase on tens of thousands of small businesses and family farms across america. in fact, according to the joint committee on taxation, the reid plan will increase the number of estates subject to the death tax in 2013 fro
tax. the reid plan would impose a huge new death tax on family farms and businesses next year. under current law, businesses and farms are exempted from the death tax on the first $5 million of the value of an estate. values above this amount are taxed a top rate of 35%. well, i believe we ought to completely eliminate the death tax and i've introduced legislation with 37 of my colleagues to do so. but the current death tax treatment exempts the large majority of family farms and businesses...
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19
Nov 30, 2017
11/17
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lowering the corporate tax rate, eliminating the tax rate, and lowering taxes for americans. some say u- going to add $1.5 trillion in the debt. i look at it as an investment. as we heard from our good friend from pennsylvania, four tenth of 1% will pay for it. 3.5% is our average on g.d.p., but more important than that in the last seven decades that we have enjoyed economic growth in america, only one decade have we had lower growth than 2.5%, and that was one decade where we had 2.3%. at 2.3% we more than pay for what we're talking about now, and my projects is that we will do -- projection is that we will do better than that. there are noted economists who say that. we have $3 trillion not at work because of fiscal policy at the very time that the fed added $4.5 trillion to the balance sheet, the largest in history, we got 1.9% g.d.p. growth over the last eight years. you can only look at one place, and that's fiscal policy, that would generate that kind of anemic growth in history. i'm looking at freeing up that money. this tax package will unleash that capital power. we
lowering the corporate tax rate, eliminating the tax rate, and lowering taxes for americans. some say u- going to add $1.5 trillion in the debt. i look at it as an investment. as we heard from our good friend from pennsylvania, four tenth of 1% will pay for it. 3.5% is our average on g.d.p., but more important than that in the last seven decades that we have enjoyed economic growth in america, only one decade have we had lower growth than 2.5%, and that was one decade where we had 2.3%. at 2.3%...
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69
Feb 16, 2011
02/11
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is that an increase in taxes for small business? >> the change in the estate tax. we are proposing to restore the rate of the exemptions to levels that prevailed in 2009. with those rates, those exemptions, a small fraction of states are affected by those changes. that is the best way to balance our obligations for fiscal responsibility with all the other objectives we share to make sure we strengthen the economy as all hole. >> there are roughly 50,000 people employed by the independent oil and gas industry. into a pretty big industry. most of these are employed by small business owners. a lot of family-owned businesses. the president's budget proposees repeal for intangible drilling costs to repeal the percentage depletion. do you consider this a tax increase and independent oil and gas producers? >> what it does is reduce a very substantial subsidy that now goes to the oil and gas industry. we are proposing to eliminate that because it is very expensive and works against the national priority to encourage the economy as a whole to shift to less carbon intensive
is that an increase in taxes for small business? >> the change in the estate tax. we are proposing to restore the rate of the exemptions to levels that prevailed in 2009. with those rates, those exemptions, a small fraction of states are affected by those changes. that is the best way to balance our obligations for fiscal responsibility with all the other objectives we share to make sure we strengthen the economy as all hole. >> there are roughly 50,000 people employed by the...
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27
Nov 6, 2017
11/17
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reform our tax system. the tax cuts and job act is a bold pro- growth bill that will overhaul our nation's tax code for the first time since president reagan's historic tax reform 31 years ago. later this week i look forward to visiting the reagan library and speaking there to pay tribute to president reagan and his overhaul of the tax code. : : we are going to make it easier to start your own business is easier to beat your own boss. the life of a small business owner today is filled with extensions, itemization and complex regulations. as a country, we spend billions of dollars and hours each year preparing for april 15. while some people benefit from this complexity, it is not hard-working, small business owners that are here today. our goal is to make the system fairer so that all american business can succeed in local communities to thrive along with them. the people in this room are why we need to fix the tax system. we need to make it easier for small businesses and middle income families succeed in
reform our tax system. the tax cuts and job act is a bold pro- growth bill that will overhaul our nation's tax code for the first time since president reagan's historic tax reform 31 years ago. later this week i look forward to visiting the reagan library and speaking there to pay tribute to president reagan and his overhaul of the tax code. : : we are going to make it easier to start your own business is easier to beat your own boss. the life of a small business owner today is filled with...
10
10.0
Nov 2, 2017
11/17
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so we need tax, we needed simpler tax code, need to reform our tax code. unfortunately, what we are seeing come from republicans today, supported by the trump administration, doesn't do that. in fact, what it will do is provide full-time employment for tax accountants around the country because it creates all sorts of special provisions for powerful special interests. it will dramatically cut taxes for big multinational corporations and for millionaires and billionaires, and everybody else is going to be left to pick up the bill in one way or another. so now we know why this has been cooked up behind close doors for so long. people knew that it would have lot of turbulence when it emerged. and secondly, we know why you're such a desperate effort to ram this huge tax proposal through the house and the senate, because people don't want the american people to figure out exactly what's in it because when they do, they are going to see that it's bad for everybody but folks who are at the very top or who are very powerful. the good news is that people that scram
so we need tax, we needed simpler tax code, need to reform our tax code. unfortunately, what we are seeing come from republicans today, supported by the trump administration, doesn't do that. in fact, what it will do is provide full-time employment for tax accountants around the country because it creates all sorts of special provisions for powerful special interests. it will dramatically cut taxes for big multinational corporations and for millionaires and billionaires, and everybody else is...
105
105
Feb 6, 2013
02/13
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tax. with us today is erin shucosky. she has been a clinical nurse for 30 years in baltimore. she spent the last ten years coordinating the research on a study to approve a new replacement discs to treat patients suffering from crippling neck and back pain. over time, erin discovered that she suffers from the very condition that her work aimed to treat. on her days off, aaron would -- erin would spend time at her daughter's game, barely able to move, and then would have to good home and spend most of her time there with an ice pack on her neck. she went in for surgery and got the new disc replacements. erin is with is in a cervical color today -- cervical collar today but shes on the mend. the new medical device tax in obama care makes it harders for researchers to develop those devices in the united states and makes its hard for patients like erin to get the care they need. obamacare is unnecessarily raised the cost of health care. even those with preexisting conditions could get the cove
tax. with us today is erin shucosky. she has been a clinical nurse for 30 years in baltimore. she spent the last ten years coordinating the research on a study to approve a new replacement discs to treat patients suffering from crippling neck and back pain. over time, erin discovered that she suffers from the very condition that her work aimed to treat. on her days off, aaron would -- erin would spend time at her daughter's game, barely able to move, and then would have to good home and spend...
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38
Oct 14, 2020
10/20
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of federal, state and local taxes, property taxes, employment taxes, sales tax, and on and on and as a businessman some years i paid more taxes than others in other years i paid no taxes. why? because some years i simply was more profitable we pay taxes on profit. it tells a very misleading story about a business owner's tax situation. the president has paid millions and millions of dollars in all sorts of taxes over year and nevertheless democrats continue to suggest that having a lower level of income tax liability in any given year is means the president doesn't care about inhibiting to our country and is that true? absolutely not. the president has donated every single paycheck as presidents of the united states to the federal government and so far those donations have total nearly $1.4 million, hardly in it for himself. [inaudible] this president has why? going forward i hope this committee can find constructive ways to improve the lives of the american people sold their government works better for them and not simply for political gamesmanship. our constituents want us to work
of federal, state and local taxes, property taxes, employment taxes, sales tax, and on and on and as a businessman some years i paid more taxes than others in other years i paid no taxes. why? because some years i simply was more profitable we pay taxes on profit. it tells a very misleading story about a business owner's tax situation. the president has paid millions and millions of dollars in all sorts of taxes over year and nevertheless democrats continue to suggest that having a lower level...
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33
Dec 6, 2017
12/17
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deficits can't be eliminated with tax increases. we cannot tax enough to fill the hole. we have to address mandatory spending which keeps growing year after year. nearly doubled during the obama administration are friends across the aisle never really said much but it's real, we ought to go to the root cause and not claim that is making tax cuts to make our economy more vibrant and to improve the quality of life for more americans. it's easy to see how on a more personal level families and workers will benefit. sometime a more human focuses left out, and that is a mistake. in our bill, rates are reduced for everybody. every tax bracket sees a reduction in the tax rate. the standard deduction for families is double. if you're married couple filing a joint return the first $24000 you are there's a zero tax. then we double the child tax credit. that's something we should do. we need to help those families who have children make sure their family prospers. the child tax credit is one way we can do that. the obama care mandate which is a tax on low and middle income parents i
deficits can't be eliminated with tax increases. we cannot tax enough to fill the hole. we have to address mandatory spending which keeps growing year after year. nearly doubled during the obama administration are friends across the aisle never really said much but it's real, we ought to go to the root cause and not claim that is making tax cuts to make our economy more vibrant and to improve the quality of life for more americans. it's easy to see how on a more personal level families and...
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55
May 4, 2012
05/12
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eye 55
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it relies on the consumption tax and centralized taxes muchless on environmental taxes. if revenue raises is so high on the agenda shouldn't the tax reform debate be much more ambitious than the one that is going on in washington now? >> i think by consumption you mean evalwaited tax or something like that. and the reason i don't like the idea of evaluated tax, i think if you had evaluated tax, it would simply make it so much easier for congress not deal with controls on spending. i think there is a consensus now that we have to in addition to raising revenue, we have to slow the growth, the various entitlements and look for over savings in the discretionary part of the budget. if you could pick up four our fife or six% of gdp with the value-added tax. everybody could relax. i think that would be a mystic. >> larry what's your view? >> i have kind of the same view for twenty five years, which is we haven't had it because conservatives like marty think it's a money machine for government, and progressives think it's not that progressed. and we'll only get it the day that
it relies on the consumption tax and centralized taxes muchless on environmental taxes. if revenue raises is so high on the agenda shouldn't the tax reform debate be much more ambitious than the one that is going on in washington now? >> i think by consumption you mean evalwaited tax or something like that. and the reason i don't like the idea of evaluated tax, i think if you had evaluated tax, it would simply make it so much easier for congress not deal with controls on spending. i think...
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Oct 17, 2020
10/20
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fair tax system. we should start to be concerned about how much influence and power is going into the billing a foundations. the wealthy give their own private foundations but a lot of the money is warehouse. i think you said it perfectly, let's celebrate it but it is not until the -- substitute. >> there are a lot of people who want to help the name on the building at lincoln center and fewer people want their treatment plan, and 25th street. stephen, i'm going to put this one on you. why are more of these tax concerns revealed to the public in this manner? >> when i find living here in the south, all the real issues in america are being covered up by the big smokescreen. build that wall, all the things the right continues to throw out when really, every problem, the vast majority is really taxes. with the right does, they continue to grow their followers and say look at this over here and look at that. but really and truly, what they know is that these people get so fired up about these on important
fair tax system. we should start to be concerned about how much influence and power is going into the billing a foundations. the wealthy give their own private foundations but a lot of the money is warehouse. i think you said it perfectly, let's celebrate it but it is not until the -- substitute. >> there are a lot of people who want to help the name on the building at lincoln center and fewer people want their treatment plan, and 25th street. stephen, i'm going to put this one on you....
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Nov 28, 2017
11/17
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they like taking care people. >> as far as the presidents taxes, they are tying the tax bill to his tax return, bringing up. [inaudible] one year did come out during the 2016 election. i believe it was 2004. he paid millions of dollars through the alternative minimum tax and that tax is goingg away. you do the math. >> also the state tax in both the house and senate plan. >> it doesn't repeal entirely but double that deduction. it will almost certainly be a taxde cut for his business. it's hard to imagine an area where he does not pay less taxe taxes. >> a few minutes left with our panel, were get to as many of your calls. m keith in valley city north dakota, line for independence, go ahead. >> thanks for taking my call. i would like to remind everybody that the democrats are really critical of corporate tax reductions but remember corporations don't pay taxes. if you follow the money, corporations simply collect those taxes from the customers. i've managed a fortune 500 operation for my whole career, but when budget time comes around and my forecast for profits for your come around, i'
they like taking care people. >> as far as the presidents taxes, they are tying the tax bill to his tax return, bringing up. [inaudible] one year did come out during the 2016 election. i believe it was 2004. he paid millions of dollars through the alternative minimum tax and that tax is goingg away. you do the math. >> also the state tax in both the house and senate plan. >> it doesn't repeal entirely but double that deduction. it will almost certainly be a taxde cut for his...
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Apr 2, 2014
04/14
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american tax company or local stores that do taxes. i think the difference between how people interact with income tax is heavily weighted on socioeconomic class. someone goes in and get as refund for eitc and pays someone from a tax firm 20 bucks they might not think it is complex and sat there for 20 minutes, right? the people more likely to navigate the tax code are using turbotax or doing it for themselves. >> another question right here. >> thank you, i'm edward callen. i'm a retired "new york times" economics correspondent and covered taxes for self years. bill, i have a come men if i may and a question for you. the comment you said opposition, you explained opposition to tax reform saying the opposition is con of concentrated and benefits are diffused. i understand the first point. a few people will get increase in tax liabilities. when you say diffused, you could say, a lot of people will benefit. if you put it that way, one might say, why isn't there more support for it? i think the answer they will benefit but only a little b
american tax company or local stores that do taxes. i think the difference between how people interact with income tax is heavily weighted on socioeconomic class. someone goes in and get as refund for eitc and pays someone from a tax firm 20 bucks they might not think it is complex and sat there for 20 minutes, right? the people more likely to navigate the tax code are using turbotax or doing it for themselves. >> another question right here. >> thank you, i'm edward callen. i'm a...
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Jan 27, 2017
01/17
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to do their own taxes, especially their income taxes. if we think about especially states that are reliant on income tax systems, often they conform to the federal system so as we change the federal tax system, it's going to trickle through and go back to it states do. if i go through broadly some of these areas and that we can get into details as we go along, so on the tax system, we think there is going to be a lowering of rates. there is some discussion of getting rid of some of the deductions like the state and local tax deductions. there's some talk although not a lot of detail about broadening the base. so if we change rates that's not going to directly affect states. if we brought in a base that could help states. however, it can also, the uncertainty is what's kind of killing states right now. i think part of the reason states revenues are below where they thought they were going to be is because people are waiting to see what's going to happen, especially for taxes on capital gains and corporate taxes as it expecting those to go
to do their own taxes, especially their income taxes. if we think about especially states that are reliant on income tax systems, often they conform to the federal system so as we change the federal tax system, it's going to trickle through and go back to it states do. if i go through broadly some of these areas and that we can get into details as we go along, so on the tax system, we think there is going to be a lowering of rates. there is some discussion of getting rid of some of the...